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I have been looking for an answer on the Internet for this question for a while, but I could not find anything.

I understand that the price data of the historical data from Yahoo-Finance is adjusted for splits. Is the volume adjusted, too?

If it is not, the average volume should be accordingly higher after each split, because there are a lot more (or less) shares around. Or do I miss something?

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  • $\begingroup$ Try finding an example of a split and seeing what happens to the volume as you pass through it. Might make it obvious? $\endgroup$
    – will
    Commented Mar 26, 2018 at 21:17
  • $\begingroup$ Adding on to @will comment...also notice the price before and after the split on Yahoo. The answer is obvious. $\endgroup$
    – amdopt
    Commented Mar 27, 2018 at 12:38

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I believe the volumes are normally adjusted. Here is the yahoo data around Dec 23 2015 when Nike did a 2:1 split:

Dec 30, 2015 64.36 64.40 63.17 63.25 61.49 5,817,900

Dec 29, 2015 64.31 64.48 64.02 64.26 62.48 6,708,600

Dec 28, 2015 63.21 63.88 62.80 63.81 62.04 8,704,400

Dec 24, 2015 64.55 64.73 62.15 63.18 61.43 13,890,800

Dec 24, 2015 2/1 Stock Split

Dec 23, 2015 68.12 68.19 63.91 64.36 62.57 28,659,700

Dec 22, 2015 65.74 65.93 64.91 65.93 64.09 7,163,700

Dec 21, 2015 64.84 65.15 64.31 64.90 63.10 4,486,300

This shows the transaction volume after Dec 23 is not around double the earlier amounts, so it was adjusted.

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